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Balfour Beatty sees contract issues stretching into 2016
August 12, 2015 / 6:23 AM / 2 years ago

Balfour Beatty sees contract issues stretching into 2016

LONDON, Aug 12 (Reuters) - Troubled infrastructure firm Balfour Beatty said it expected to have resolved 90 percent of its historic problematic UK contracts by the end of 2016, as it sought to reassure shareholders following a string of profit warnings.

The British firm, which is currently undergoing a review of all its businesses following the discovery of loss-making contracts, posted a total underlying loss of 135 million pounds ($210 million) in the first half of its financial year.

The group said on Wednesday it had achieved 25 million pounds of savings in the first half and was on its way to achieving its target of 100 million pounds of cost savings by the end of 2016, part of its turnaround plan.

$1 = 0.6419 pounds Reporting by Li-mei Hoang; editing by Kate Holton

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